Preparing to Buy Your First Home

By Sabrina Biehl Published Jul 25, 2014 02:20 pm Updated Feb 2, 2015 05:28 pm

You’ve spent nearly seven years in this quaint little apartment, and it’s safe to say that your family has gotten their fair share of use out of it. When it was just you and your wife, this place had plenty of space, but two rambunctious children later, the apartment has become a disaster area. Bored and restless, your kids have essentially taken over your compact living space. Frankly, you can’t blame them for being so antsy. An apartment this size is no place for children to grow up. Furthermore, you and your wife need some personal space, and you’re certainly not going to get it here. That being the case, it’s high time you bought a house. Since you and your wife both have stable careers and a sizable amount of money in the bank, there’s no time like the present to start scoping out the local real estate scene. When preparing to purchase your first home, make sure to utilize the following tips.

Find a Trustworthy Lender

In light of 2006’s housing market crash, real estate has essentially become a buyer’s market. Even so, homes are still very expensive. In fact, a house is most likely the largest financial investment you’ll ever make. No matter how much money you and your wife have in the bank, there’s no way it’s enough to pay off a house in full. With this in mind, you’ll need to find a reliable lender from whom to acquire a mortgage loan. Depending on your credit history and level of income, you may be eligible for a 15, 20 or 30-year fixed rate loan. When looking for the right lender, make a point of finding someone who doesn’t impose exorbitant interest rates and has earned a fair number of favorable customer reviews online.

Limit Your Search to Good School Districts

As a parent, you want your children to receive the finest education possible. Short of sending them to private school, the best way to achieve this goal is to seek out highly-rated public schools for them to attend. When shopping around for the right home, limit your search to areas in the vicinity of good schools. Even if you come across the perfect house in a poorly-rated school district, a nice home is hardly worth sacrificing your kids’ education.

Stay within Your Financial Means

Finding a house that has sufficient space for their families to live comfortably is the foremost priority of first-time home buyers. However, it’s equally important to abstain from mortgaging a home you know you can’t afford. A certain house may have everything you’re looking for, but if the asking price is well outside of your range, don’t sign the paperwork unless you’re fully prepared to put your money where your mouth is. There’s no question that finding a nice home is important, but no house is worth plunging your family into massive debt.

Purchasing your first real home is equal parts frightening and exhilarating. By knowing what to look for in a house, staying within your means and finding the right lender, you can make the experience considerably less stressful for your entire family.